Westland Apartment Investors announces the purchase by a Westland-led investor group of the Lakeside Apartments, a 45-unit segment of a 56 total unit complex located on Beverly Lake in Everett, Washington. The purchase cost $6.4 million, with an additional $650 thousand being committed by the investors for upgrades to the property.
“The Lakeside purchase is strongly aligned with our business model,” said Erik Mattson, Westland Partner. “The complex is conveniently located near a rapidly expanding medical, technology & aerospace employment base.”
The property was originally built as 56 apartment units but was converted to condominiums in 2006, with 45 of the units being converted back to apartments in 2008. Exterior and landscaping upgrades are planned to improve the property’s appeal to apartment residents and condo owners alike.
With more projects such as this on the horizon, Westland is looking to establish relationships with additional accredited investor clients. Interested investors should contact Erik Mattson at email@example.com or by calling (503) 297-2575.